New class of adviser risks new era of vertical integration
Financial advisers have invested heavily in lifting professional standards and uplifting consumer confidence. But Colin Tate AM writes that in one fell swoop, the government could completely undermine a decade worth of blood, sweat and tears by bringing in a second tier of advice that advantages large institutions and encourages vertical integration.
November 12, 2024
Pluralsight loss ‘humbling’, says AustralianSuper
Mega fund AustralianSuper said it is still feeling the pain from its very public loss in US software company Pluralsight, and even with $341 billion of assets under management, a $1.1 billion write-down is still too big a chunk of money to let go easily. But at the Investment Magazine Fiduciary Investors Symposium, the fund’s senior private equity portfolio manager Robert Schnittger, said the most important thing now is to learn the lesson and “not lose money the same way twice”.
November 12, 2024
Mason Stevens hires head of asset allocation from AMP
Specialist wealth platform provider Mason Stevens has appointed Brad Creighton as head of asset allocation.
November 12, 2024
SMC calls for super boost for under-18 workers
Under-18 workers in Australia could have $10,000 more in savings at retirement if a rule that currently denies compulsory super contributions unless they work more than 30 hours a week is abolished.
November 12, 2024
Future2 Foundation announces winners of 2024 grant program
The Future2 Foundation has announced the 12 winning recipients of its 2024 grant program, which focused on organisations empowering financial wellbeing.
November 12, 2024
AMP adds BT talent to its North leadership team
AMP has made three appointments to its North leadership team, including talent from BT and MLC.
November 12, 2024
RITC back on the agenda via adviser petition
An adviser-led petition is looking for support to revert a tax change that has been estimated to cost advised clients $250 million collectively. The petition, which aims to reinstate the previous ATO interpretation of Reduced Input Tax Credits on advice fees, has caught the eye of the opposition who will table it in Parliament.
November 11, 2024
New week kicks off with dual M&A moves in HNW space
Two separate transactions in the high-net-worth financial advice sector have seen LGT Crestone acquire Commonwealth Bank’s private wealth arm while Evalesco will merge with Principal Edge.
November 11, 2024
ESSSuper sues Iress over fund admin services
Emergency Services Superannuation Board (ESSSuper) has commenced legal proceedings in the Federal Court against Iress and its wholly owned subsidiary Financial Synergy Holdings.
November 11, 2024
Cbus turns to super warrior in media storm
The appointment of former Industry Super Australia boss Bernie Dean to the C-suite at Cbus may well provide CEO Kristian Fok with valuable advice on how to handle the political and media maelstrom surrounding the construction industry super fund’s ties to now-defunct trade union the CFMEU. But it is also a tell-tale sign the super wars are in full swing ahead of the federal election.
November 08, 2024
Australian funds improve transparency, moving up the global rankings
As the guardian of nearly $4 trillion worth of worker retirement savings, Australia’s superannuation system has drawn significant and justified domestic scrutiny. A comprehensive annual study by Professional Planner sister publication Top1000Funds.com of the world’s largest pension funds shows Australia falls behind only one other country for investment transparency.
November 08, 2024
Treasury offers few answers over secret DBFO consultations
A Parliamentary committee has been unable to get answers on who specifically is attending the latest Delivering Better Financial Outcomes consultations, which have been held under non-disclosure agreements. The lack of disclosure comes as the government is unable to offer any specific updates for when the next tranche of DBFO legislation will be ready.
November 07, 2024
